Top 25 accounts are holding 42% of the all existing HP.
Is that the same participation you are referring to? Human participation is not the same as stake participation in terms of numbers and you can't compare them.
46% is low when you consider 25 accounts have 42%. I didn't check but we could probably fit 46% in the top 50.
Also, not all of these users are unique. Some have multiple accounts.
Sounds about right, so all the numbers we to know are almost untraceable?